Global| Apr 22 2015U.S. FHFA Home Price Index Increase Improves
by:Tom Moeller
|in:Economy in Brief
Summary
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.7% during February (5.4% y/y) following an unrevised 0.3% January rise. The three-month gain in prices remained stable at 7.3%, up from 3.3% in [...]
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.7% during February (5.4% y/y) following an unrevised 0.3% January rise. The three-month gain in prices remained stable at 7.3%, up from 3.3% in June.
Prices were strongest during February in the South Atlantic region which posted a 1.8% gain (6.4% y/y). On a three-month basis prices rose at an 8.4% rate. In New England, a 1.6% rise (6.4% y/y) left three-month growth at 11.0%. Amongst the Mountain states, a 1.2% price improvement (6.7% y/y) caused prices to surge at a 14.2% annual rate in the last three months.
Moderate price increases were logged in the Pacific region where they gained 0.8% (6.9% y/y) but that was enough to leave three-month growth firm at 9.9%. In the East North Central region, prices gained 0.6% (4.6% y/y) and they rose at a 7.7% rate since November. Home prices improved 0.4% (3.6% y/y) in the West North Central region and at a 3.8% rate in the last three months.
Home prices were softer in the Middle Atlantic region where they gained just 0.1% (2.6% y/y) and rose at a 0.8% rate during the last three months. A 0.1% uptick (6.7% y/y) also was logged in the West South Central region but they improved at an 8.4% rate during the last three months. Finally, prices declined 1.3% (+3.3% y/y) in the East South Central region. During the last three months prices gained just 0.5% at an annual rate.
The FHFA house price index is a weighted repeat sales index. It measures average price changes in repeat sales. An associated quarterly index also includes refinancings on the same properties. The indexes are based on transactions involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Only mortgage transactions on single family properties are included. The FHFA data is available in Haver's USECON database.
| FHFA U.S. House Price Index Purchase Only (SA %) | Feb | Jan | Dec | Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 0.7 | 0.3 | 0.8 | 5.4 | 5.6 | 7.6 | 3.3 |
| Pacific | 0.8 | 0.1 | 1.5 | 6.9 | 9.7 | 16.3 | 4.9 |
| West South Central | 0.1 | 1.2 | 0.8 | 6.7 | 5.8 | 6.2 | 4.3 |
| Mountain | 1.2 | 0.7 | 1.4 | 6.7 | 7.6 | 12.5 | 7.9 |
| South Atlantic | 1.8 | -0.2 | 0.4 | 6.4 | 5.9 | 8.2 | 3.9 |
| New England | 1.6 | 0.6 | 0.4 | 6.4 | 3.2 | 4.0 | -0.2 |
| East North Central | 0.6 | -0.1 | 1.3 | 4.6 | 4.8 | 5.5 | 2.1 |
| West North Central | 0.4 | 0.1 | 0.4 | 3.6 | 4.2 | 4.9 | 3.2 |
| East South Central | -1.3 | 2.1 | -0.6 | 3.3 | 8.7 | 4.4 | 2.4 |
| Middle Atlantic | 0.1 | -0.6 | 0.7 | 2.6 | 2.3 | 2.9 | -0.1 |
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Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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